GameStop Discloses Third Quarter 2025 Results
Grapevine, TX — GameStop Corp. released financial results for the third quarter ended November 1, 2025.
THIRD QUARTER OVERVIEW
- Net sales were $821.0 million for the period, compared to $860.3 million in the prior year’s third quarter.
- Selling, general and administrative (“SG&A”) expenses were $221.4 million for the period, compared to $282.0 million in the prior year’s third quarter.
- Operating income was $41.3 million for the period, compared to an operating loss of $33.4 million in the prior year’s third quarter.
- Excluding impairment and other items, adjusted operating income was $52.1 million for the period compared to an adjusted operating loss of $24.6 million in the prior year’s third quarter.
- Net income was $77.1 million for the period, compared to net income of $17.4 million for the prior year’s third quarter.
- Excluding impairment, unrealized loss on digital assets, non-cash interest expense related to the issuance of warrants to convertible noteholders, and other items, adjusted net income was $139.3 million for the period compared to an adjusted net income of $26.2 million for the prior year’s third quarter.
- Cash, cash equivalents and marketable securities were $8.8 billion at the close of the third quarter, compared to $4.6 billion at the close of the prior year’s third quarter.
- Bitcoin holdings were valued at $519.4 million at the close of the third quarter.
|
GameStop Corp. Condensed Statements of Operations (in millions, except per share data) (unaudited) |
||||||||
|
|
|
13 Weeks Ended |
|
13 Weeks Ended |
||||
|
Net sales |
|
$ |
821.0 |
|
|
$ |
860.3 |
|
|
Cost of sales |
|
|
547.6 |
|
|
|
603.1 |
|
|
Gross profit |
|
|
273.4 |
|
|
|
257.2 |
|
|
Selling, general and administrative expenses |
|
|
221.4 |
|
|
|
282.0 |
|
|
Asset Impairments |
|
|
10.7 |
|
|
|
8.6 |
|
|
Operating income (loss) |
|
|
41.3 |
|
|
|
(33.4 |
) |
|
Interest income, net |
|
|
(49.0 |
) |
|
|
(54.2 |
) |
|
Unrealized loss (gain) on digital assets |
|
|
9.2 |
|
|
|
— |
|
|
Other income, net |
|
|
(3.0 |
) |
|
|
— |
|
|
Income before income taxes |
|
|
84.1 |
|
|
|
20.8 |
|
|
Income tax expense |
|
|
7.0 |
|
|
|
3.4 |
|
|
Net income |
|
$ |
77.1 |
|
|
$ |
17.4 |
|
|
|
|
|
|
|
||||
|
Net income per share: |
|
|
|
|
||||
|
Basic Income per share |
|
$ |
0.17 |
|
|
$ |
0.04 |
|
|
Diluted income per share |
|
$ |
0.13 |
|
|
$ |
0.04 |
|
|
|
|
|
|
|
||||
|
Weighted-average common shares outstanding: |
|
|
|
|
||||
|
Basic |
|
|
447.7 |
|
|
|
437.4 |
|
|
Diluted |
|
|
591.7 |
|
|
|
437.9 |
|
|
|
|
|
|
|
||||
|
Percentage of Net Sales: |
|
|
|
|
||||
|
|
|
|
|
|
||||
|
Net sales |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
Cost of sales |
|
|
66.7 |
|
|
|
70.1 |
|
|
Gross profit |
|
|
33.3 |
|
|
|
29.9 |
|
|
Selling, general and administrative expenses |
|
|
27.0 |
|
|
|
32.8 |
|
|
Asset Impairments |
|
|
1.3 |
|
|
|
1.0 |
|
|
Operating income (loss) |
|
|
5.0 |
|
|
|
(3.9 |
) |
|
Interest income, net |
|
|
(6.0 |
) |
|
|
(6.3 |
) |
|
Unrealized gain on digital assets |
|
|
1.1 |
|
|
|
— |
|
|
Other income, net |
|
|
(0.4 |
) |
|
|
— |
|
|
Income before income taxes |
|
|
10.2 |
|
|
|
2.4 |
|
|
Income tax expense |
|
|
0.9 |
|
|
|
0.4 |
|
|
Net income |
|
|
9.4 |
% |
|
|
2.0 |
% |
|
|
|
39 Weeks Ended |
|
39 Weeks Ended |
||||
|
Net sales |
|
$ |
2,525.6 |
|
|
$ |
2,540.4 |
|
|
Cost of sales |
|
|
1,716.3 |
|
|
|
1,789.9 |
|
|
Gross profit |
|
|
809.3 |
|
|
|
750.5 |
|
|
Selling, general and administrative expenses |
|
|
668.3 |
|
|
|
847.9 |
|
|
Asset Impairments |
|
|
44.1 |
|
|
|
8.6 |
|
|
Operating income (loss) |
|
|
96.9 |
|
|
|
(106.0 |
) |
|
Interest income, net |
|
|
(185.5 |
) |
|
|
(108.6 |
) |
|
Unrealized gain on digital assets |
|
|
(19.4 |
) |
|
|
— |
|
|
Other income, net |
|
|
(5.2 |
) |
|
|
— |
|
|
Income before income taxes |
|
|
307.0 |
|
|
|
2.6 |
|
|
Income tax expense |
|
|
16.5 |
|
|
|
2.6 |
|
|
Net income |
|
$ |
290.5 |
|
|
$ |
— |
|
|
|
|
|
|
|
||||
|
Net income per share: |
|
|
|
|
||||
|
Basic Income per share |
|
$ |
0.65 |
|
|
$ |
— |
|
|
Diluted income per share |
|
$ |
0.55 |
|
|
$ |
— |
|
|
|
|
|
|
|
||||
|
Weighted-average common shares outstanding: |
|
|
|
|
||||
|
Basic |
|
|
447.4 |
|
|
|
376.6 |
|
|
Diluted |
|
|
534.7 |
|
|
|
377.1 |
|
|
|
|
|
|
|
||||
|
Percentage of Net Sales: |
|
|
|
|
||||
|
|
|
|
|
|
||||
|
Net sales |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
Cost of sales |
|
|
68.0 |
|
|
|
70.5 |
|
|
Gross profit |
|
|
32.0 |
|
|
|
29.5 |
|
|
Selling, general and administrative expenses |
|
|
26.5 |
|
|
|
33.4 |
|
|
Asset Impairments |
|
|
1.7 |
|
|
|
0.3 |
|
|
Operating income (loss) |
|
|
3.8 |
|
|
|
(4.2 |
) |
|
Interest income, net |
|
|
(7.3 |
) |
|
|
(4.3 |
) |
|
Unrealized gain on digital assets |
|
|
(0.8 |
) |
|
|
— |
|
|
Other income, net |
|
|
(0.2 |
) |
|
|
— |
|
|
Income before income taxes |
|
|
12.2 |
|
|
|
0.1 |
|
|
Income tax expense |
|
|
0.7 |
|
|
|
0.1 |
|
|
Net income |
|
|
11.5 |
% |
|
|
— |
% |
|
|
|
|
|
|
||||
|
GameStop Corp. Condensed Statements of Operations by Segment (in millions, except per share data) (unaudited) |
||||||||||||||||||
|
|
|
United |
|
Canada |
|
Australia |
|
Europe |
|
Total |
||||||||
|
As of and for the three months ended November 1, 2025 |
|
|
|
|
|
|
|
|
|
|
||||||||
|
Net sales |
|
$ |
617.0 |
|
$ |
— |
|
$ |
110.2 |
|
|
$ |
93.8 |
|
|
$ |
821.0 |
|
|
Cost of sales |
|
|
406.8 |
|
|
— |
|
|
74.0 |
|
|
|
66.8 |
|
|
|
547.6 |
|
|
Gross Profit |
|
|
210.2 |
|
|
— |
|
|
36.2 |
|
|
|
27.0 |
|
|
|
273.4 |
|
|
Selling, general and administrative expenses: |
|
|
154.2 |
|
|
— |
|
|
37.0 |
|
|
|
30.2 |
|
|
|
221.4 |
|
|
Store related |
|
|
129.2 |
|
|
— |
|
|
30.1 |
|
|
|
27.5 |
|
|
|
186.8 |
|
|
Other |
|
|
25.0 |
|
|
— |
|
|
6.9 |
|
|
|
2.7 |
|
|
|
34.6 |
|
|
Asset impairments |
|
|
— |
|
|
— |
|
|
2.7 |
|
|
|
8.0 |
|
|
|
10.7 |
|
|
Operating income (loss) |
|
|
56.0 |
|
|
— |
|
|
(3.5 |
) |
|
|
(11.2 |
) |
|
|
41.3 |
|
|
Interest income, net |
|
|
|
|
|
|
|
|
|
|
(49.0 |
) |
||||||
|
Unrealized loss on digital assets |
|
|
|
|
|
|
|
|
|
|
9.2 |
|
||||||
|
Other income, net |
|
|
|
|
|
|
|
|
|
|
(3.0 |
) |
||||||
|
Income before income taxes |
|
|
|
|
|
|
|
|
|
|
84.1 |
|
||||||
|
Income tax expense |
|
|
|
|
|
|
|
|
|
|
7.0 |
|
||||||
|
Net income |
|
|
|
|
|
|
|
|
|
|
77.1 |
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Property and equipment, net(1) |
|
|
34.9 |
|
|
— |
|
|
16.3 |
|
|
|
— |
|
|
|
51.2 |
|
|
Capital expenditures |
|
|
2.6 |
|
|
— |
|
|
1.7 |
|
|
|
— |
|
|
|
4.3 |
|
|
|
|
United |
|
Canada |
|
Australia |
|
Europe |
|
Total |
||||||||||
|
As of and for the three months ended November 2, 2024 |
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Net sales |
|
$ |
551.7 |
|
|
$ |
46.3 |
|
|
$ |
89.4 |
|
|
$ |
172.9 |
|
|
$ |
860.3 |
|
|
Cost of sales |
|
|
382.0 |
|
|
|
34.3 |
|
|
|
60.9 |
|
|
|
125.9 |
|
|
|
603.1 |
|
|
Gross Profit |
|
|
169.7 |
|
|
|
12.0 |
|
|
|
28.5 |
|
|
|
47.0 |
|
|
|
257.2 |
|
|
Selling, general and administrative expenses: |
|
|
185.1 |
|
|
|
15.1 |
|
|
|
34.0 |
|
|
|
47.8 |
|
|
|
282.0 |
|
|
Store related |
|
|
163.3 |
|
|
|
11.7 |
|
|
|
27.8 |
|
|
|
43.9 |
|
|
|
246.7 |
|
|
Other |
|
|
21.8 |
|
|
|
3.4 |
|
|
|
6.2 |
|
|
|
3.9 |
|
|
|
35.3 |
|
|
Asset impairments |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
8.6 |
|
|
|
8.6 |
|
|
Operating loss |
|
|
(15.4 |
) |
|
|
(3.1 |
) |
|
|
(5.5 |
) |
|
|
(9.4 |
) |
|
|
(33.4 |
) |
|
Interest income, net |
|
|
|
|
|
|
|
|
|
|
(54.2 |
) |
||||||||
|
Income before income taxes |
|
|
|
|
|
|
|
|
|
|
20.8 |
|
||||||||
|
Income tax expense |
|
|
|
|
|
|
|
|
|
|
3.4 |
|
||||||||
|
Net income |
|
|
|
|
|
|
|
|
|
|
17.4 |
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Property and equipment, net |
|
|
39.0 |
|
|
|
1.8 |
|
|
|
17.9 |
|
|
|
11.8 |
|
|
|
70.5 |
|
|
Capital expenditures |
|
|
2.6 |
|
|
|
0.1 |
|
|
|
1.1 |
|
|
|
0.8 |
|
|
|
4.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
United |
|
Canada |
|
Australia |
|
Europe |
|
Total |
|||||||||
|
As of and for the nine months ended November 1, 2025 |
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Net sales |
|
$ |
1,879.1 |
|
$ |
38.2 |
|
|
$ |
333.0 |
|
|
$ |
275.3 |
|
|
$ |
2,525.6 |
|
|
Cost of sales |
|
|
1,259.7 |
|
|
28.2 |
|
|
|
228.1 |
|
|
|
200.3 |
|
|
|
1,716.3 |
|
|
Gross Profit |
|
|
619.4 |
|
|
10.0 |
|
|
|
104.9 |
|
|
|
75.0 |
|
|
|
809.3 |
|
|
Selling, general and administrative expenses: |
|
|
466.1 |
|
|
13.9 |
|
|
|
105.1 |
|
|
|
83.2 |
|
|
|
668.3 |
|
|
Store related |
|
|
390.0 |
|
|
11.3 |
|
|
|
85.3 |
|
|
|
76.7 |
|
|
|
563.3 |
|
|
Other |
|
|
76.1 |
|
|
2.6 |
|
|
|
19.8 |
|
|
|
6.5 |
|
|
|
105.0 |
|
|
Asset impairments |
|
|
— |
|
|
18.3 |
|
|
|
2.7 |
|
|
|
23.1 |
|
|
|
44.1 |
|
|
Operating income (loss) |
|
|
153.3 |
|
|
(22.2 |
) |
|
|
(2.9 |
) |
|
|
(31.3 |
) |
|
|
96.9 |
|
|
Interest income, net |
|
|
|
|
|
|
|
|
|
|
(185.5 |
) |
|||||||
|
Unrealized gain on digital assets |
|
|
|
|
|
|
|
|
|
|
(19.4 |
) |
|||||||
|
Other income, net |
|
|
|
|
|
|
|
|
|
|
(5.2 |
) |
|||||||
|
Income before income taxes |
|
|
|
|
|
|
|
|
|
|
307.0 |
|
|||||||
|
Income tax expense |
|
|
|
|
|
|
|
|
|
|
16.5 |
|
|||||||
|
Net income |
|
|
|
|
|
|
|
|
|
|
290.5 |
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Property and equipment, net(1) |
|
|
34.9 |
|
|
— |
|
|
|
16.3 |
|
|
|
— |
|
|
|
51.2 |
|
|
Capital expenditures |
|
|
6.4 |
|
|
0.1 |
|
|
|
4.2 |
|
|
|
0.6 |
|
|
|
11.3 |
|
|
(1) Property and equipment, net for France (Europe) is classified in Assets held for sale on our Condensed Consolidated Balance Sheets. |
|||||||||||||||||||
|
|
|
United |
|
Canada |
|
Australia |
|
Europe |
|
Total |
||||||||||
|
As of and for the nine months ended November 2, 2024 |
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Net sales |
|
$ |
1,714.6 |
|
|
$ |
126.6 |
|
|
$ |
256.7 |
|
|
$ |
442.5 |
|
|
$ |
2,540.4 |
|
|
Cost of sales |
|
|
1,202.0 |
|
|
|
93.4 |
|
|
|
173.8 |
|
|
|
320.7 |
|
|
|
1,789.9 |
|
|
Gross Profit |
|
|
512.6 |
|
|
|
33.2 |
|
|
|
82.9 |
|
|
|
121.8 |
|
|
|
750.5 |
|
|
Selling, general and administrative expenses: |
|
|
554.8 |
|
|
|
44.9 |
|
|
|
102.4 |
|
|
|
145.8 |
|
|
|
847.9 |
|
|
Store related |
|
|
484.2 |
|
|
|
35.2 |
|
|
|
84.2 |
|
|
|
131.9 |
|
|
|
735.5 |
|
|
Other |
|
|
70.6 |
|
|
|
9.7 |
|
|
|
18.2 |
|
|
|
13.9 |
|
|
|
112.4 |
|
|
Asset impairments |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
8.6 |
|
|
|
8.6 |
|
|
Operating loss |
|
|
(42.2 |
) |
|
|
(11.7 |
) |
|
|
(19.5 |
) |
|
|
(32.6 |
) |
|
|
(106.0 |
) |
|
Interest income, net |
|
|
|
|
|
|
|
|
|
|
(108.6 |
) |
||||||||
|
Loss before income taxes |
|
|
|
|
|
|
|
|
|
|
2.6 |
|
||||||||
|
Income tax expense |
|
|
|
|
|
|
|
|
|
|
2.6 |
|
||||||||
|
Net income |
|
|
|
|
|
|
|
|
|
|
— |
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Property and equipment, net |
|
|
39.0 |
|
|
|
1.8 |
|
|
|
17.9 |
|
|
|
11.8 |
|
|
|
70.5 |
|
|
Capital expenditures |
|
|
6.8 |
|
|
|
1.0 |
|
|
|
3.0 |
|
|
|
1.8 |
|
|
|
12.6 |
|
|
GameStop Corp. Condensed Consolidated Balance Sheets (in millions) (unaudited) |
||||||
|
|
|
November 1, 2025 |
|
November 2, 2024 |
||
|
ASSETS: |
||||||
|
Current assets: |
|
|
|
|
||
|
Cash and cash equivalents |
|
$ |
7,842.7 |
|
$ |
4,583.4 |
|
Marketable securities |
|
|
986.9 |
|
|
32.8 |
|
Receivables, net of allowance of $0.9 and $3.8, respectively |
|
|
54.5 |
|
|
57.5 |
|
Merchandise inventories, net |
|
|
575.5 |
|
|
830.2 |
|
Prepaid expenses and other current assets |
|
|
34.6 |
|
|
119.4 |
|
Assets held for sale |
|
|
194.1 |
|
|
— |
|
Total current assets |
|
|
9,688.3 |
|
|
5,623.3 |
|
Property and equipment, net of accumulated depreciation of $565.1 and $768.9, respectively |
|
|
51.2 |
|
|
70.5 |
|
Digital assets |
|
|
519.4 |
|
|
— |
|
Operating lease right-of-use assets |
|
|
218.7 |
|
|
425.3 |
|
Deferred income taxes |
|
|
18.9 |
|
|
17.7 |
|
Other noncurrent assets |
|
|
54.2 |
|
|
103.4 |
|
Total assets |
|
$ |
10,550.7 |
|
$ |
6,240.2 |
|
|
|
|
|
|
||
|
LIABILITIES AND STOCKHOLDERS’ EQUITY: |
||||||
|
Current liabilities: |
|
|
|
|
||
|
Accounts payable |
|
$ |
380.4 |
|
$ |
494.1 |
|
Accrued liabilities and other current liabilities |
|
|
277.2 |
|
|
437.0 |
|
Current portion of operating lease liabilities |
|
|
94.3 |
|
|
157.6 |
|
Current portion of long-term debt |
|
|
— |
|
|
10.9 |
|
Liabilities held for sale |
|
|
180.5 |
|
|
— |
|
Total current liabilities |
|
|
932.4 |
|
|
1,099.6 |
|
Long-term debt, net |
|
|
4,162.6 |
|
|
9.6 |
|
Operating lease liabilities |
|
|
134.6 |
|
|
285.4 |
|
Other long-term liabilities |
|
|
18.1 |
|
|
41.1 |
|
Total liabilities |
|
|
5,247.7 |
|
|
1,435.7 |
|
Total stockholders’ equity |
|
|
5,303.0 |
|
|
4,804.5 |
|
Total liabilities and stockholders’ equity |
|
$ |
10,550.7 |
|
$ |
6,240.2 |
|
|
|
|
|
|
||
|
GameStop Corp. Condensed Consolidated Statements of Cash Flows (in millions) (unaudited) |
||||||||
|
|
|
13 Weeks Ended |
|
13 Weeks Ended |
||||
|
Cash flows from operating activities: |
|
|
|
|
||||
|
Net income |
|
$ |
77.1 |
|
|
$ |
17.5 |
|
|
Adjustments to reconcile net income to net cash flows from operating activities: |
|
|
|
|
||||
|
Depreciation and amortization |
|
|
4.6 |
|
|
|
8.5 |
|
|
Stock-based compensation expense, net |
|
|
7.7 |
|
|
|
4.9 |
|
|
Warrants issued to convertible noteholders |
|
|
42.2 |
|
|
|
— |
|
|
Deferred income taxes |
|
|
0.1 |
|
|
|
— |
|
|
Unrealized gain on digital assets |
|
|
9.2 |
|
|
|
— |
|
|
Loss (gain) on disposal of property and equipment, net |
|
|
0.4 |
|
|
|
(4.1 |
) |
|
Asset impairments, net |
|
|
10.7 |
|
|
|
8.6 |
|
|
Other, net |
|
|
(2.8 |
) |
|
|
0.6 |
|
|
Changes in operating assets and liabilities: |
|
|
|
|
||||
|
Receivables, net |
|
|
(10.2 |
) |
|
|
(0.1 |
) |
|
Merchandise inventories, net |
|
|
(134.4 |
) |
|
|
(271.3 |
) |
|
Prepaid expenses and other current assets |
|
|
(1.0 |
) |
|
|
(90.5 |
) |
|
Prepaid income taxes and income taxes payable |
|
|
(4.9 |
) |
|
|
(3.3 |
) |
|
Accounts payable and accrued liabilities |
|
|
112.1 |
|
|
|
331.5 |
|
|
Operating lease right-of-use assets and liabilities |
|
|
0.7 |
|
|
|
0.1 |
|
|
Changes in other long-term liabilities |
|
|
(0.2 |
) |
|
|
22.2 |
|
|
Net cash flows provided by operating activities |
|
|
111.3 |
|
|
|
24.6 |
|
|
Cash flows from investing activities: |
|
|
|
|
||||
|
Proceeds from the sale of property and equipment |
|
|
0.3 |
|
|
|
5.5 |
|
|
Purchases of marketable securities |
|
|
(985.2 |
) |
|
|
(21.7 |
) |
|
Proceeds from maturities and sales of marketable securities |
|
|
23.2 |
|
|
|
— |
|
|
Capital expenditures |
|
|
(4.3 |
) |
|
|
(4.6 |
) |
|
Investment in collaboration agreement |
|
|
(15.0 |
) |
|
|
— |
|
|
Other |
|
|
1.1 |
|
|
|
0.3 |
|
|
Net cash flows (used in) provided by investing activities |
|
|
(979.9 |
) |
|
|
(20.5 |
) |
|
Cash flows from financing activities: |
|
|
|
|
||||
|
Issuance costs from warrants |
|
|
(0.4 |
) |
|
|
— |
|
|
Proceeds from the issuance of shares in at-the-market (ATM) offering |
|
|
— |
|
|
|
398.1 |
|
|
Repayments of debt |
|
|
(2.9 |
) |
|
|
(2.8 |
) |
|
Proceeds from equity awards directly withheld from employees for tax purposes |
|
|
2.9 |
|
|
|
— |
|
|
Payments to tax authorities for equity awards directly withheld from employees |
|
|
(2.9 |
) |
|
|
— |
|
|
Net cash flows (used in) provided by financing activities |
|
|
(3.3 |
) |
|
|
395.3 |
|
|
Exchange rate effect on cash, cash equivalents and restricted cash |
|
|
2.9 |
|
|
|
0.2 |
|
|
Less: Net change in cash balance classified as assets held for sale |
|
|
0.7 |
|
|
|
— |
|
|
Increase in cash, cash equivalents, and restricted cash |
|
|
(868.3 |
) |
|
|
399.6 |
|
|
Cash, cash equivalents and restricted cash at beginning of period |
|
|
8,733.9 |
|
|
|
4,217.0 |
|
|
Cash, cash equivalents and restricted cash at end of period |
|
$ |
7,865.6 |
|
|
$ |
4,616.6 |
|
|
|
|
|
|
|
||||
|
GameStop Corp. Condensed Consolidated Statements of Cash Flows (in millions) (unaudited) |
||||||||
|
|
|
39 Weeks Ended |
|
39 Weeks Ended |
||||
|
Cash flows from operating activities: |
|
|
|
|
||||
|
Net income |
|
$ |
290.5 |
|
|
$ |
— |
|
|
Adjustments to reconcile net income (loss) to net cash flows from operating activities: |
|
|
|
|
||||
|
Depreciation and amortization |
|
|
14.9 |
|
|
|
32.9 |
|
|
Stock-based compensation expense, net |
|
|
19.5 |
|
|
|
10.9 |
|
|
Unrealized gain on digital assets |
|
|
(19.4 |
) |
|
|
— |
|
|
Warrants issued to convertible noteholders |
|
|
42.2 |
|
|
|
— |
|
|
Deferred income taxes |
|
|
0.1 |
|
|
|
— |
|
|
Gain on disposal of property and equipment, net |
|
|
(0.2 |
) |
|
|
(6.4 |
) |
|
Asset impairments, net |
|
|
44.1 |
|
|
|
8.6 |
|
|
Other, net |
|
|
(0.2 |
) |
|
|
1.1 |
|
|
Changes in operating assets and liabilities: |
|
|
|
|
||||
|
Receivables, net |
|
|
(0.4 |
) |
|
|
33.8 |
|
|
Merchandise inventories, net |
|
|
(216.6 |
) |
|
|
(198.6 |
) |
|
Prepaid expenses and other current assets |
|
|
4.9 |
|
|
|
(92.6 |
) |
|
Prepaid income taxes and income taxes payable |
|
|
(15.3 |
) |
|
|
(6.7 |
) |
|
Accounts payable and accrued liabilities |
|
|
276.0 |
|
|
|
187.8 |
|
|
Operating lease right-of-use assets and liabilities |
|
|
(1.0 |
) |
|
|
0.6 |
|
|
Changes in other long-term liabilities |
|
|
(17.9 |
) |
|
|
12.0 |
|
|
Net cash flows provided by (used in) operating activities |
|
|
421.2 |
|
|
|
(16.6 |
) |
|
Cash flows from investing activities: |
|
|
|
|
||||
|
Proceeds from the sale of property and equipment |
|
|
0.3 |
|
|
|
15.3 |
|
|
Purchases of marketable securities |
|
|
(1,052.4 |
) |
|
|
(29.2 |
) |
|
Proceeds from maturities and sales of marketable securities |
|
|
87.2 |
|
|
|
273.9 |
|
|
Purchase of digital assets |
|
|
(500.0 |
) |
|
|
— |
|
|
Capital expenditures |
|
|
(11.3 |
) |
|
|
(12.6 |
) |
|
Investment in collaboration agreement |
|
|
(17.5 |
) |
|
|
— |
|
|
Proceeds from other divestitures, net of cash disposed |
|
|
(3.4 |
) |
|
|
— |
|
|
Other |
|
|
1.2 |
|
|
|
0.3 |
|
|
Net cash flows (used in) provided by investing activities |
|
|
(1,495.9 |
) |
|
|
247.7 |
|
|
Cash flows from financing activities: |
|
|
|
|
||||
|
Proceeds from the issuance of convertible debt |
|
|
4,200.0 |
|
|
|
— |
|
|
Debt issuance costs from convertible debt |
|
|
(41.3 |
) |
|
|
— |
|
|
Proceeds from the issuance of shares in at-the-market (ATM) offering |
|
|
— |
|
|
|
3,468.5 |
|
|
Issuance costs from ATM offering |
|
|
— |
|
|
|
(14.7 |
) |
|
Repayments of debt |
|
|
(8.7 |
) |
|
|
(8.3 |
) |
|
Proceeds from equity awards directly withheld from employees for tax purposes |
|
|
7.5 |
|
|
|
6.3 |
|
|
Payments to tax authorities for equity awards directly withheld from employees |
|
|
(7.5 |
) |
|
|
(6.3 |
) |
|
Net cash flows provided by financing activities |
|
|
4,150.0 |
|
|
|
3,445.5 |
|
|
Exchange rate effect on cash, cash equivalents and restricted cash |
|
|
9.0 |
|
|
|
1.1 |
|
|
Less: Net change in cash balance classified as assets held for sale |
|
|
(8.5 |
) |
|
|
— |
|
|
Increase in cash, cash equivalents, and restricted cash |
|
|
3,075.8 |
|
|
|
3,677.7 |
|
|
Cash, cash equivalents and restricted cash at beginning of period |
|
|
4,789.8 |
|
|
|
938.9 |
|
|
Cash, cash equivalents and restricted cash at end of period |
|
$ |
7,865.6 |
|
|
$ |
4,616.6 |
|
|
|
|
|
|
|
||||
|
Schedule I Sales Mix (in millions) (unaudited) |
||||||||||
|
|
|
13 Weeks Ended November 1, 2025 |
|
13 Weeks Ended November 2, 2024 |
||||||
|
|
|
|
||||||||
|
|
|
Net |
|
Percent |
|
Net |
|
Percent |
||
|
Net Sales: |
|
Sales |
|
of Total |
|
Sales |
|
of Total |
||
|
Hardware and accessories(1) |
|
$ |
367.4 |
|
44.7 % |
|
$ |
417.4 |
|
48.5 % |
|
Software(2) |
|
|
197.5 |
|
24.1 % |
|
|
271.8 |
|
31.6 % |
|
Collectibles (3) |
|
|
256.1 |
|
31.2 % |
|
|
171.1 |
|
19.9 % |
|
Total |
|
$ |
821.0 |
|
100.0 % |
|
$ |
860.3 |
|
100.0 % |
|
|
|
|
|
|
|
|
|
|
||
|
|
|
39 Weeks Ended November 1, 2025 |
|
39 Weeks Ended November 2, 2024 |
||||||
|
|
|
|
||||||||
|
|
|
Net |
|
Percent |
|
Net |
|
Percent |
||
|
Net Sales: |
|
Sales |
|
of Total |
|
Sales |
|
of Total |
||
|
Hardware and accessories(1) |
|
$ |
1,304.8 |
|
51.7 % |
|
$ |
1,373.9 |
|
54.1 % |
|
Software(2) |
|
|
525.6 |
|
20.8 % |
|
|
719.2 |
|
28.3 % |
|
Collectibles (3) |
|
|
695.2 |
|
27.5 % |
|
|
447.3 |
|
17.6 % |
|
Total |
|
$ |
2,525.6 |
|
100.0 % |
|
$ |
2,540.4 |
|
100.0 % |
|
|
|
|
|
|
|
|
|
|
||
|
|
||||||||||
|
(1) Includes sales of new and pre-owned hardware, accessories, hardware bundles in which hardware and digital or physical software are sold together in a single SKU, interactive game figures, strategy guides, mobile and consumer electronics. (2) Includes sales of new and pre-owned video game software, digital software and PC entertainment software. (3) Includes the sale of apparel, toys, trading cards, gadgets and other products for pop culture and technology enthusiasts. |
||||||||||
|
GameStop Corp. Schedule II (in millions, except per share data) (unaudited) |
|||||||||||||||||
|
Non-GAAP results |
|||||||||||||||||
|
|
|
13 Weeks Ended |
|
13 Weeks Ended |
|
39 Weeks Ended |
|
39 Weeks Ended |
|
||||||||
|
|
|
November 1, 2025 |
|
November 2, 2024 |
|
November 1, 2025 |
|
November 2, 2024 |
|
||||||||
|
Adjusted SG&A expense |
|
|
|
|
|
||||||||||||
|
SG&A expense |
|
$ |
221.4 |
|
|
$ |
282.0 |
|
|
$ |
668.3 |
|
|
$ |
847.9 |
|
|
|
Transformation costs(1) |
|
|
(0.1 |
) |
|
|
(0.2 |
) |
|
|
(3.3 |
) |
|
|
13.7 |
|
|
|
Adjusted SG&A expense |
|
$ |
221.3 |
|
|
$ |
281.8 |
|
|
$ |
665.0 |
|
|
$ |
861.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Adjusted Operating Income (Loss) |
|
|
|
|
|
|
|
|
|
||||||||
|
Operating income (loss) |
|
$ |
41.3 |
|
|
$ |
(33.4 |
) |
|
$ |
96.9 |
|
|
|
(106.0 |
) |
|
|
Transformation costs(1) |
|
|
0.1 |
|
|
|
0.2 |
|
|
|
3.3 |
|
|
|
(13.7 |
) |
|
|
Asset impairments(2) |
|
|
10.7 |
|
|
|
8.6 |
|
|
|
44.1 |
|
|
|
8.6 |
|
|
|
Adjusted operating income (loss) |
|
$ |
52.1 |
|
|
$ |
(24.6 |
) |
|
$ |
144.3 |
|
|
$ |
(111.1 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Adjusted Net Income |
|
|
|
|
|
|
|
|
|
||||||||
|
Net Income |
|
$ |
77.1 |
|
|
$ |
17.4 |
|
|
$ |
290.5 |
|
|
$ |
— |
|
|
|
Transformation costs(1) |
|
|
0.1 |
|
|
|
0.2 |
|
|
|
3.3 |
|
|
|
(13.7 |
) |
|
|
Divestitures and other |
|
|
— |
|
|
|
— |
|
|
|
(2.2 |
) |
|
|
— |
|
|
|
Asset impairments(2) |
|
|
10.7 |
|
|
|
8.6 |
|
|
|
44.1 |
|
|
|
8.6 |
|
|
|
Warrants issued to convertible noteholders(3) |
|
|
42.2 |
|
|
|
— |
|
|
|
42.2 |
|
|
|
— |
|
|
|
Unrealized loss (gain) on digital assets |
|
|
9.2 |
|
|
|
— |
|
|
|
(19.4 |
) |
|
|
— |
|
|
|
Adjusted net income (loss) |
|
$ |
139.3 |
|
|
$ |
26.2 |
|
|
$ |
358.5 |
|
|
$ |
(5.1 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Adjusted net income (loss) per share |
|
|
|
|
|
|
|
|
|
||||||||
|
Basic |
|
$ |
0.31 |
|
|
$ |
0.06 |
|
|
$ |
0.80 |
|
|
$ |
(0.01 |
) |
|
|
Diluted |
|
|
0.24 |
|
|
|
0.06 |
|
|
|
0.67 |
|
|
|
(0.01 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Number of shares used in adjusted calculation |
|
|
|
|
|
|
|
|
|
||||||||
|
Basic |
|
|
447.7 |
|
|
|
437.4 |
|
|
|
447.4 |
|
|
|
376.6 |
|
|
|
Diluted |
|
|
591.7 |
|
|
|
437.9 |
|
|
|
534.7 |
|
|
|
377.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
(1) Transformation costs include severance, stock-based compensation forfeitures related to workforce optimization efforts and departures of key personnel, adjustments to reserves for expenses for consultants and advisors related to transformation initiatives, and other costs in connection with the transformation initiatives. (2) Current year asset impairments include amounts incurred in connection with plans initiated during the first quarter of fiscal 2025 to divest our operations in Canada and France. Prior year asset impairments include amounts incurred in connection with plans initiated during the third quarter of fiscal 2024 to divest our operations in Italy and wind down our operations in Germany. (3) Non-cash interest expense related to the issuance of warrants during the third quarter of fiscal 2025 to the holders of our Convertible 2030 and Convertible 2032 Notes. |
|||||||||||||||||
|
|
|
13 Weeks Ended |
|
13 Weeks Ended |
|
39 Weeks Ended |
|
39 Weeks Ended |
|
||||||||
|
|
|
November 1, 2025 |
|
November 2, 2024 |
|
November 1, 2025 |
|
November 2, 2024 |
|
||||||||
|
Reconciliation of Net Income to Adjusted EBITDA |
|
|
|
|
|
|
|
|
|
||||||||
|
Net income |
|
$ |
77.1 |
|
|
$ |
17.4 |
|
|
$ |
290.5 |
|
|
$ |
— |
|
|
|
Interest income, net |
|
|
(49.0 |
) |
|
|
(54.2 |
) |
|
|
(185.5 |
) |
|
|
(108.6 |
) |
|
|
Depreciation and amortization |
|
|
4.6 |
|
|
|
8.5 |
|
|
|
14.9 |
|
|
|
32.9 |
|
|
|
Income tax expense |
|
|
7.0 |
|
|
|
3.4 |
|
|
|
16.5 |
|
|
|
2.6 |
|
|
|
EBITDA |
|
$ |
39.7 |
|
|
$ |
(24.9 |
) |
|
$ |
136.4 |
|
|
$ |
(73.1 |
) |
|
|
Stock-based compensation |
|
|
7.7 |
|
|
|
4.9 |
|
|
|
19.5 |
|
|
|
10.9 |
|
|
|
Transformation costs(1) |
|
|
0.1 |
|
|
|
0.2 |
|
|
|
3.3 |
|
|
|
(13.7 |
) |
|
|
Divestitures and other |
|
|
(3.0 |
) |
|
|
— |
|
|
|
(5.2 |
) |
|
|
— |
|
|
|
Asset impairments(2) |
|
|
10.7 |
|
|
|
8.6 |
|
|
|
44.1 |
|
|
|
8.6 |
|
|
|
Unrealized loss (gain) on digital assets |
|
|
9.2 |
|
|
|
— |
|
|
|
(19.4 |
) |
|
|
— |
|
|
|
Adjusted EBITDA |
|
$ |
64.4 |
|
|
$ |
(11.2 |
) |
|
$ |
178.7 |
|
|
$ |
(67.3 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
(1) Transformation costs include severance, stock-based compensation forfeitures related to workforce optimization efforts and departures of key personnel, adjustments to reserves for expenses for consultants and advisors related to transformation initiatives, and other costs in connection with the transformation initiatives. (2) Current year asset impairments include amounts incurred in connection with plans initiated during the first quarter of fiscal 2025 to divest our operations in Canada and France. Prior year asset impairments include amounts incurred in connection with plans initiated during the third quarter of fiscal 2024 to divest our operations in Italy and wind down our operations in Germany. |
|
||||||||||||||||
|
GameStop Corp. Schedule III (in millions) (unaudited) |
||||||||||||||||
|
Non-GAAP results |
||||||||||||||||
|
|
13 Weeks Ended |
|
13 Weeks Ended |
|
39 Weeks Ended |
|
39 Weeks Ended |
|
||||||||
|
|
November 1, 2025 |
|
November 2, 2024 |
|
November 1, 2025 |
|
November 2, 2024 |
|
||||||||
|
Net cash flows provided by (used in) operating activities |
$ |
111.3 |
|
|
|
24.6 |
|
|
|
421.2 |
|
|
|
(16.6 |
) |
|
|
Capital expenditures |
|
(4.3 |
) |
|
|
(4.6 |
) |
|
|
(11.3 |
) |
|
|
(12.6 |
) |
|
|
Free cash flow |
$ |
107.0 |
|
|
$ |
20.0 |
|
|
$ |
409.9 |
|
|
$ |
(29.2 |
) |
|
